With reliable trucks, vehicles, and Sport Utility Vehicles on the road, those looking to purchase a new vehicle often wonder whether certain models are more expensive to insure than others. So, if you're considering a new SUV for your family, stick around to learn more about insurance rates for these types of vehicles.
What is an SUV?
Before we get into cost, we first need to define what exactly an SUV is. SUV stands for sports utility vehicle. Perfect for families given their large cargo space, SUVs often have a good fuel economy, four-wheel drive, and affordable purchase price.
Newer cars nowadays can be hybrid and electric. However, gas SUV vehicles are also available. Common SUVs include the Honda CR-V, Toyota Corolla Cross, Nissan Qashqai,, Mazda CX-5, and the Subaru Crosstrek.
How much does SUV car insurance cost?
Given that there are numerous types of SUV vehicles, certain SUVs are more expensive to insure than others, which means it's difficult to pinpoint exactly how much you'll pay to insure your SUV without taking other factors into account. That being said, in general, SUVs are cheaper to insure compared to sedans and sports cars, given the safety features.
Therefore, if you're looking for coverage for your SUV, we recommend reaching out to insurance companies in your area and asking for a quote, or consider working with a broker who can help you compare quotes and coverage options.
Is it more expensive to insure an SUV compared to a car?
Generally speaking, sedans and sports cars are more expensive to insure than SUVs, given their poor safety ratings. That said, it really depends on the type of sedan or sports car you drive. If your vehicle has substantial safety features, you could pay a similar rate to someone who is driving an SUV vehicle. It's important to remember that while vehicle types will influence your insurance costs, insurance companies will look at a number of different factors as well. Common factors include theft rates for your vehicle, where you live, whether you want less or more coverage, and your driving experience and history, among other things.
Is it safer to be in an SUV than a car?
Most reports indicate that SUVs are some of the safest vehicles to be in if you are in a front or rear-end collision. That said, because of their centre of gravity, they do have a higher risk of rolling over in an accident and require a longer braking distance. Like any other vehicle, some have poor safety ratings, while others have a more substantial safety record. If you're looking for an SUV for your family, it's important to compare models and prices so you find one that balances affordability and safety.
Are Sport Utility Vehicles the most expensive cars to insure in Ontario?
If you live in Ontario, you may be wondering what the most expensive cars to insure in Ontario are and whether SUVs are up there. If we're being honest, luxury vehicles and sports vehicles tend to be the most expensive to insure, given their high repair costs and lack of safety ratings. However, some SUVs are also considered luxury vehicles, so it really depends on your type, age, and other factors.
What is the safest SUV?
If you're in the market for a new car and considering an SUV, you may have some questions about what the safest SUV on the market is. As of 2024, the safest SUV is the Acura MDX. However, if you are looking for a more affordable option, the Honda CRV is a great option for you.
How are auto insurance costs calculated
When it comes to calculating car insurance premiums, a licensed insurance agent will take into account various factors that are unique to your vehicle type and driving record. That being said, car insurance companies may have different rating parameters, which is why shopping around and comparing quotes can help you secure lower premiums. Here are some of the many factors an insurance company will consider when calculating car insurance rates:
Where you live
One of the main factors that are considered when calculating car insurance rates is where you reside. For example, those living in larger cities with more traffic and higher crime rates tend to pay more for their insurance than those living in smaller areas that are deemed safer.
Your driving history
Another significant factor considered by providers when calculating car insurance rates is your driving record. Having a good driving record with no claims or at-fault accidents can help you find the best SUV insurance rates available, given that you'll be considered a lower risk to insure by your provider than someone who has numerous accidents, fines, and claims on their record.
Make and model of SUV
Another aspect insurers assess is the make and model of the SUV you drive. Certain SUVs have higher safety ratings than other vehicles, which could play a part in how your coverage is calculated. Additionally, if you drive luxury models like a Mercedes Benz, which have high repair costs, you may face more expensive premiums, given that luxury models come with a higher price tag and more expensive claims payouts, which will cost your insurer more money at the end of the day.
The car insurance companies you choose
Choosing the right insurance company can also influence your annual premium. With different auto insurance options out there and cost parameters, you may receive a different price for full coverage from one provider than you would from another.
The coverage limits you opt for
Coverage limits are another factor that can affect your insurance rates. By opting for higher limits, you'll ultimately have more coverage in the event you file a claim in the future. But, this additional coverage will come at an additional cost. The key here is to balance your coverage levels to match your driving habits and risks so you aren't paying for insurance you don't need.
Whether you qualify for any discounts
Many drivers in Canada qualify for discounts on insurance rates! Whether it be for having safety features installed on your vehicle, snow tires good for winter, or being a part of a professional organization, there are numerous ways you can save.
You can also lower your premium when you bundle multiple auto insurance policies with the same provider. So, make sure you ask your company which savings and promotions you qualify for when you're up for renewal.
The deductible amount you choose
Lastly, an insurer will consider your car insurance deductible. Opting for a higher deductible amount can lower your premium but will cost you more if you need to file a claim in the future. On the other hand, a lower deductible may increase your annual premium.
SUV insurance you need for safe travels
If you want to operate a motor vehicle on a public road in Canada, you'll need to purchase basic car insurance. While some types of auto insurance policies are mandated by federal law, others are optional and meant to supplement standard insurance coverage for added peace of mind while you're behind the wheel. Here are some of the most common types of SUV insurance you'll want to consider for your vehicles:
Third-party liability car insurance
Third-party liability insurance is mandatory for all Canadian motorists. The minimum coverage you require will depend on which province or territory you have your car insurance with. However, many drivers opt for higher limits for additional protection.
With third-party car coverage, you'll be protected in the event you cause bodily harm or property damage to a third party while you're operating your SUV. Should a lawsuit be filed against you for damages, this car insurance coverage will pay for repair costs, medical bills, legal fees, and other expenses associated with your claim settlement.
Accident benefits coverage
Accident benefits coverage is another type of mandatory car insurance policy in Canada. If you are involved in an accident where either you, your passengers, or pedestrians are injured, this insurance will cover the cost of medical bills, rehabilitation, lost wages, and other expenses, regardless of which party is found at fault for the collision.
Uninsured motorist insurance
The last mandatory insurance policy required by the majority of provinces and territories is uninsured automobile insurance. This policy will protect you if you are involved in a car accident with an at-fault driver who is either uninsured or underinsured. Ultimately, this coverage will ensure that you are fairly compensated for your losses and will also protect your interests if you are involved in a hit-and-run accident where the other driver leaves the scene before you exchange information.
Collision coverage
Collision car coverage is optional. Nevertheless, it's an important policy if you want physical damage coverage car insurance. With collision insurance, your insurance company will cover the cost of repairs or replacements if your SUV is damaged in an at-fault collision. This insurance requires policyholders to pay a deductible before their coverage kicks in and covers the remaining expenses.
Comprehensive coverage
Comprehensive car coverage is also optional. Similar to collision, you will need to pay a deductible amount when filing a claim with your insurance provider. However, rather than covering the cost of damages that result from a car accident, comprehensive coverage will protect you if your SUV vehicle is damaged due to a non-collision event by covering repair costs. This includes things like theft, vandalism, fire damage, severe weather conditions, and more, depending on what is listed in your policy.
Accident forgiveness insurance
Accident forgiveness is a type of one-time insurance policy meant to encourage safe driving amongst Canadians and reward those with a clean driving history. Normally, after an at-fault collision, you'll experience higher premiums the next time you go to renew your coverage, given that insurance providers will now deem you more of a risk to insure. However, with accident forgiveness, you can avoid a rate increase for your SUV insurance following your first accident.
Get affordable auto insurance with BrokerLink
Whether you're looking for truck insurance, SUV insurance, or property insurance for your home, BrokerLink is a leading brokerage in Canada that is ready to help you secure affordable insurance costs.
We've got locations across the country, which means we could be in your neighbourhood! If you're close by and in search of coverage, come on in and work with one of our experienced brokers in person! If you don't happen to be close by, you can always contact us over the phone during business hours to speak with one of our team members.
Alternatively, if you're looking to find competitive SUV insurance rates for your vehicle from the comfort of your own home, take advantage of our free online quote tool that's available on all devices!
Get an auto insurance quote [phone]
